Sareb sells loan tied to InTempo building in Benidorm for 60 million
Nearly 14 years after the Lehman Brothers collapse sparked a global housing downturn, the aftershocks are still felt in many corners, including provinces like Alicante. The era of urban excess left scars on living standards that linger today, and Alicante is often cited as a point where stagnation hit hard and for longer than expected.
One clear beacon of this ongoing process is Sareb, the entity created in 2012 to liquidate real estate assets rescued from savings banks. After more than a decade, Sareb has achieved a notable milestone: around 43 percent of its mandate completed. The task remains challenging because many assets originated as loans backed by loans themselves, with delayed or uncertain repayments. These are the kinds of assets that Sareb must convert into liquid value, preparing them for sale on the market to recover as much as possible of the original investment.
As a result, Sareb continues to accumulate new flats and land even as sales fluctuate. Data from the company, led by Javier Torres, shows that by the end of Sareb’s first term the state-backed firm held substantial portfolios in the Alicante region, totaling thousands of properties valued in the hundreds of millions. Specifically, Sareb currently manages up to 4,900 residential assets with a combined value of 240 million euros, including 2,140 homes and 2,760 garages and storage facilities. In addition, 1,500 urban plots at various stages of development carry an estimated value of 214 million, while 615 other properties—industrial sites, offices, or tourist facilities—add about 63 million to the portfolio.
In the ongoing effort to monetize these assets, Sareb has faced a wide range of challenges rooted in the origin of the holdings. The so-called bad bank assets come with legal proceedings, distressed structures, and, in some cases, locations that proved difficult to sell because they were built during overambitious property booms. Yet Sareb has maintained momentum, with a notable sale pace in Alicante that saw roughly 40 million euros recouped in the first half of the year. During this period the company disposed of 285 residential units, 44 plots, and 30 commercial assets, underscoring a steady ability to convert real estate into cash.
The big question remains whether the remaining rustic plots, some of which could never support construction, can be fully divested. Institutions such as Sabadell once managed to wrap up similar portfolios by selling the bulk of assets at significant discounts to investors. Sareb has historically treaded carefully to limit losses, but the pace appears to be picking up this year as deal flow increases.
Since its creation, Sareb has employed multiple strategies to fulfill its core mission of liquidating assets acquired from savings banks. This has included transferring portfolios to specialized entities and focusing on loan management as well as real estate sales. The company has coordinated with Hypoges and Anticipa-Aliseda for property sales and with Serviland for processing urban land. When loans are in default, Sareb prioritizes completing stalled developments and selling finished homes directly to buyers, as this method often yields greater returns than selling unfinished buildings in bulk.
The bad bank has already formed new collaborations, including with Aelca, and has pursued development projects across Spain. In Alicante, projects such as Anak in the provincial capital, Residential Arena on the San Juan beachfront, and Arel in Benidorm illustrate ongoing activity. Sareb has also committed to delivering up to 15,000 properties to public administrations for social housing use.
From hotel sites in Mutxamel to the region’s tallest skyscraper, Sareb’s portfolio in Alicante is expansive. The province includes hotel rooms, plots around Terra Mítica, and opportunities for hospitality use on expansive sites. One emblematic move was the sale of InTempo, Benidorm’s landmark skyscraper, whose mortgage was transferred to Sareb by Caixa Galicia and later sold to a private fund after a complex process that followed a developer’s bankruptcy. Kronos, another tall building in the tourism hub, passed through Sareb’s hands as part of the same wave of asset management.